CEO Position to Be Held by This Manager, Succeeding Investment Icon Warren Buffett
At Berkshire Hathaway's Annual Bash, Warren Buffett Bids Adieu as CEO Before Year's End
Buffett once more nominates his right-hand man, Greg Abel, as his successor at the company's helm. Abel currently serves as the company's vice chairman.
After a lengthy tenure with the conglomerate, Abel is recognized as an authority on its culture.
Last weekend, stockholders of Berkshire Hathaway gathered for their annual extravaganza, where discussions revolved around trade wars and import taxes. Unanticipated was the founder's bombshell announcement: his retirement.
"I reckon it's high time Greg took the reins as chairman of this entity by the end of the year," said Warren Buffett, bringing an end to a half-century reign. Concurrently, the 94-year-old investing maverick revealed his replacement: Greg Abel, one of his closest associates, will don the CEO cap of the holding corporation.
Greg Abel: Chosen One Since 2021
The 62-year-old Abel has been vice chairman for non-insurance ventures since 2018. He is also the head honcho of Berkshire Hathaway Energy, a high-value division that Buffet dubbed as one of the four "gems" in his 2021 letter to shareholders - the same year he first put forth Abel as his successor.
Buffett's endorsement caries weight, but the board of directors ultimately decides on his succession.
Investors expect Abel to preserve Berkshire Hathaway's investment ethos if he assumes the executive position. Abel assured shareholders at the recent gathering that he would keep the company's financial health in check, allowing the management to invest heavily without bank loans.
However, Abel is known for his hands-on management style, contrasting with Buffett's exuberant personality. In 2021, Forbes estimated his net worth at $484 million (€428 million). In 2022, he pocketed $870 million (€770 million) by selling his 1% stake in Berkshire Hathaway Energy.
Abel: Master of Energy, Board Member Extraordinaire
Born in Canada, Abel honed his leadership skills on the hockey rink and in academia. He graduated from the University of Alberta with a degree in commerce in 1984.
Following his education, he joined PwC and moved to the energy company CalEnergy, which was rebranded as MidAmerican Energy after its acquisition in 1999. Berkshire Hathaway snatched a majority stake in the company, which eventually evolved into Berkshire Hathaway Energy, under Abel's guidance from 2008 to 2018.
Abel has served on several major boards, including food conglomerate Kraft Heinz, as well as organizations such as the Mid-Iowa Council Boy Scouts of America, Drake University in Iowa, the American Football Coaches Foundation, and the Horatio Alger Association.
Locals in Des Moines, where Abel resides, describe him as a modest man, reminiscent of Buffett. At Berkshire Hathaway, succession appears to be more than just a job swap. Buffett pointed out that he's passing on traditions and a philosophy alongside his post.
In the 2024 report of Berkshire Hathaway, Buffett wrote: "When I step down as CEO, it won't be long before Greg Abel takes over the reins and pens our annual reports. Greg embodies the Berkshire ethos that a Berkshire CEO owes shareholders a 'report' each year. Once you start lying to your shareholders, it's a slippery slope to deceiving yourself too."
Originally published on our website on May 4, 2025 and updated.
- In the 2024 report of Berkshire Hathaway, Warren Buffett wrote that when he steps down as CEO, Greg Abel will take over and pen the annual reports, indicating that Abel embodies the Berkshire ethos.
- Abel served as the head honcho of Berkshire Hathaway Energy, a high-value division that Buffett dubbed as one of the four "gems" in his 2021 letter to shareholders, the same year he first put forth Abel as his successor.
- After a lengthy tenure with the conglomerate, Abel was recognized as an authority on its culture, a trait he honed since he joined Berkshire Hathaway Energy in 2008.
- The board of directors ultimately decides on Buffett's succession, but investors expect Abel to preserve Berkshire Hathaway's investment ethos if he assumes the executive position, a promise he made to shareholders at the annual gathering in recent years.
